It would be a cool gun. That being said I personally couldn't justify it money wise. I own 204, 223, and 22-250. I personally cant see an advantage of going with a 204 over 223. Recoil is the same, varmits cant tell the difference, the advantage of a 223 would be a wide variety of bullet ie. Nosler partition. I could see the advantage of a 22-250 in an ar. I may be missing something though.
Not trying to change your mind cause it would be a very cool gun to say you own.

I love mine with 24 inch varmint barrel. I've killed prairie dogs out 500 yards with it. Although a 223 is very efficient and practical, it is also boring. The 204R balistics are exciting. Work up some charts for the 39 Sierra or 40 V-Max and you will see what I mean. I like it better than my 220Swift.

You are right about the 204. I do love mine an ballistics are awsome. All I am trying to get at is the 223 is more practical an more useful on more game simply because of bullet selection. If u want more ballistic performance get a 22-250. Just my 2 cents. If your going for a fun factor yes the 204 is cool.

You are right about the 204. I do love mine an ballistics are awsome. All I am trying to get at is the 223 is more practical an more useful on more game simply because of bullet selection. If u want more ballistic performance get a 22-250. Just my 2 cents. If your going for a fun factor yes the 204 is cool.

I agree with this, another option is get an LMT MRP in 204 ruger and if you dont like it sell the barrel and get a 223 barrel for it or get both right off the bat.

Nate-Lab, I agree with Quackshot and I too have killed pds at 475 yards with it's first cousin, the 20 TAC(driver). Use the 39 gr. Sierras and you can drive it to 3800fps easily and very accurately! I've got a 223 and a 223A.I. and the 20 TAC. In an AR platform they rule in a PD town! Oh, and while they kill at 500, it ain't pretty. Not much energy at that range. You'll be pleasantly surprised at how much fun it is, accurate, hard hitting, and low noise and recoil. As to triggers, I have tried a lot of them. For my money, it's the Geissele SSA-E. Yeah, it's more than a Rock River Match, which is great, but the Geissele is better, IMHO.
If you're going to have one built, go for a 26 inch cut rifled barrel of medium wt. It will give you the accuracy and you can see impacts !!!